United Bank of Alabama has maintained its 5-Star Superior rating from Bauer Financial, which recognizes a bank's financial strength and performance based on their profitability, capital, level of delinquent loans, among other factors.
Virginia Community Capital strives to continually bring new and innovative opportunities to the Virginia residents. They have recently announced the creation of a Small Business Solar Loans program that will provide business financing for solar power assets with an initial rate of 2 percent, which is far below traditional interest rates for installing solar equipment. This program demonstrates VCC's commitment to the triple bottom line adhered to by many community development banks, balancing environmental sustainability, financial inclusion, and a profit motive.
Neighborhood Bancorp, parent of Neighborhood National Bank, recently announced that they successfully completed their recapitalizing. The oversubscribed offering raised $6.4 million and exceed the company's expectations.
Seaway Bank & Trust Company, the largest black-owned bank in Chicago, was closed on January 30th by the FDIC and taken over by the State Bank of Texas, the largest Indian-American-owned and operated bank. All 10 Seaway branches are expected to remain open and will continue operating under the Seaway brand.
Sunrise Bank CEO & CDBA Board Member David Reiling was named a Top 100 Thought Leader for the fourth consecutive year by Trust Across America, an organization seeks to build trust in corporate institutions. This award highlights Reilings positon as a globally known advocate for financial inclusion and empowerment of the underserved by providing innovative financial products and services.
Darrin Williams' recent opinion piece in the Arkansas Gazette extols the virtue of the Earned Income Tax Credit (EITC) program for low-income families and advocates for the passage of the Working Families Opportunity Act, which would create a statewide EITC program to accompany the federal program. Southern Bancorp, like many CDBA members participates in the Volunteer Income Tax Assistance program (VITA). Southern employees volunteer because they know that it supports their mission of creating economic opportunity for those who need it most.
Teri Williams, President and Chief Operating Officer of OneUnited Bank, penned an Op-Ed on why the #BankBlack Movement and the MDI community at large, is generating significant benefits for minority & LMI community nationwide.
Are you planning on applying for the 2017 CDFI Program Awards or NACA Program Awards? The CDFI Fund is tentatively planning to announce the opening of the application rounds in mid-February 2017. As there are significant changes to the FY 17 application, the CDFI Fund has published draft versions of the 2017 application to its website. Applicants should note that additional changes may still be made to the applications, and that a final version will be made available when the Notices of Funding Availability (NOFAs) are released. The CDFI Fund is also offering in-person training on the applications in Washington, DC on February 28th and March 1st.
The Chief Retail Banking Officer is primarily responsible for the management, supervision, and direction of the retail/consumer products and services division for the purpose of growing loans and deposits, increasing fee income, and controlling expenses. Please circulate this job to any colleagues or contacts you think would be an excellent fit.
The benign credit environment and increase in bank stock value in the aftermath of the U.S. presidential election, has created favorable environment for small bank mergers and acquisitions. Analysts from S&P Global Market Intelligence forecast that the loan yield for small banks will expand by nearly 40 basis points in 2017.